How do most people respond when their disposable income increases?
a. They spend all of the increase.
b. They save all of the increase.
c. They save some and spend some.
d. They neither spend nor save.
c. They save some and spend some.
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The Phillips curve relates the inflation rate to
a. the unemployment rate. b. GDP. c. disposable personal income. d. the interest rate.
Which of the following statements is true of the U.S. economy before 1800?
A) The U.S. economy was growing at an average rate of more than 6% per annum. B) There were no major achievements in arts. C) Sustained economic growth was rare or absent in the U.S. economy. D) There were no major achievements in science and technology.
Refer to the payoff matrix below. The Set High Price/Set High Price outcome is the ________.
A) Nash Equilibrium
B) cooperative equilibrium
C) pure -strategy Nash Equilibrium
D) dominant strategy equilibrium
Some individuals would like to have a job, but they have given up looking for a job after an unsuccessful search. These individuals are called
a. detached workers, and they are classified by the Bureau of Labor Statistics as unemployed. b. detached workers, and they are not classified by the Bureau of Labor Statistics as unemployed. c. discouraged workers, and they are classified by the Bureau of Labor Statistics as unemployed. d. discouraged workers, and they are not classified by the Bureau of Labor Statistics as unemployed.